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HI Policy Instruments in Governments Disinflation Program
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100 percent Angolan authorities assets Calvo and Vegh commercial banks Consumer price index consumer subsidies disinflation strategy domestic Dutch auction early September 2003 economy end of period energy products external Figure fiscal adjustment fiscal policies fiscal retrenchment fiscal stance foreign currency deposits foreign exchange intervention foreign exchange market foreign exchange positions government's stabilization Gross domestic product gross international reserves hard kwanza heavily important inflation expectations inflation process inflation rates informal foreign exchange interest rates international experience large fiscal deficits large foreign financing liquidity macroeconomic measures monetary policy Money Growth money-based stabilization MBS nominal exchange rate nominal interest rates non-oil fiscal deficit official oil price open market operations parity percent of GDP percent of total policy instruments price stability public expenditure real exchange rate reserve requirements sizable central bank Sonangol stabilization effort stabilization plan successful ERBS program terms of trade tight fiscal U.S. dollar